London, UK, 16 September 2024, Chainwire
Three former Revolut executives have launched Neverless, an app providing commission-free cryptocurrency buying and selling together with an automatic passive funding account that goals to revolutionize returns for its customers.
The Neverless staff has raised $6.7 million in one of many largest pre-funding rounds in European historical past. Since then, the corporate has registered in a number of European international locations as a VASP (Digital Asset Service Supplier).
“We're going after all of the platforms that use their customers with charges.” Rita Riera, director of Neverless Spain
Neverless permits customers to purchase and promote cryptocurrencies with zero deposit charges and nil buying and selling charges. The app is simple to make use of and permits customers to deposit funds in Euros, a function that a number of main platforms have not too long ago discontinued. As well as, by way of the appliance, some cryptocurrencies robotically generate day by day curiosity.
'technique': Automated funding accountNeverless affords a market-neutral funding account known as Technique, which permits customers to take a position robotically and steadily. Though previous efficiency doesn’t assure future outcomes, the Technique has a powerful monitor file with a mean annual return of 12.81% over the previous 90 days and a mean return of 11.89% over the previous 12 months. Within the risky world of cryptocurrencies, the Technique seeks to supply constant returns with out counting on market fluctuations.
“Different platforms have related merchandise, however none provide the potential return or flexibility when it comes to deposits and withdrawals like our 'Technique' account.” says Riera.
Neverless affords the identical potential returns to all customers with no minimal deposit or lock-in interval. No “premium” account is required to entry these returns, a function that units it aside from opponents who usually cost extra for premium tiers with higher returns.
The expertise behind the “methods”Neverless makes use of market-neutral automated methods. Whereas the expertise was utilized by massive personal fairness funds, Neverless made it obtainable to the general public with minimal funding. As an alternative of predicting future costs, the algorithm scans the market in actual time to make the most of inefficiencies corresponding to small worth variations between exchanges. The Neverless algorithm buys cryptocurrencies on a less expensive trade and sells them on a costlier trade, making the most of the distinction. This course of is carried out thousands and thousands of instances per second and generates secure returns with out publicity to market route.
Testing NeverlessTo confirm that Neverless actually prices zero charges, merely make the identical transaction on one other trade on the similar time.
In a single check, a consumer made a $10,000 buy on one other platform and did the identical on Neverless. The end result: the second platform ended up giving 1.49% much less bitcoins.
From Revolut to NeverlessAfter serving to construct Revolut as a significant fintech participant, the Neverless founders recognized key points in each the standard monetary system and the crypto area. Lack of transparency and excessive charges are widespread issues that they’ve tried to get rid of.
“Neverless was born out of non-public frustration. There was no app that was clear, user-friendly, and didn't appear to be a rip-off with hidden charges. As a result of it didn't exist, it simply needed to be created.” explains Riera.
A big a part of the Neverless improvement staff additionally comes from Revolut and is answerable for constructing the Methods algorithm, a product completely owned by Neverless.
Progress and future plansIn just some months, Neverless has gained hundreds of customers and surpassed $100 million in transaction quantity. With its VASP registration and concentrate on key markets corresponding to Spain, France and Eire, the corporate has already established a powerful place in Europe.
Now Neverless is concentrating on additional enlargement to deal with the remainder of Europe and Latin America.
Its fast progress and impressive plans spotlight a transparent willpower not solely to reshape cryptocurrency, but additionally to safe a management place in international markets.
About Neverless
Neverless is the one crypto platform on the planet that means that you can purchase and promote cryptocurrencies fully with out charges and supplies entry to automated hedge fund funding instruments that intention to supply excessive and secure returns. Based by former Revolut executives, the corporate raised a file $6.7 million in pre-seed and already has Digital Asset Supplier (VASP) registrations in a number of EU international locations.
ContactDirector of Neverless SpainRita Riera PastalleBy no meansrita@neverless.com
This text was initially revealed on Chainwire
